TurboTax can handle up to 500 individual transactions per brokerage account. If you have more than 500 and your sales volume totals less than ten million dollars, you can either summarize your transactions on Form 8949 (instructions follow) or switch to the TurboTax CD/Download software which can handle around 2,000 individual transactions per brokerage.
Step 1 - Enter the summary data from your brokerage statements on Form 8949
The statements
from your brokerage should include a summary of your account
transactions for the year as well as the details for each individual
transaction.
- Open (continue) your return in TurboTax Online (if it's not already open) and search for stock sales in the upper right corner.
- Click the "Jump to" link in the search results.
- If you land on the Here's the investment sales info we have so far screen, delete any transactions you already imported or manually entered. When finished, click Done.
- Then repeat steps 1 and 2 to get to the Step 3.
- Answer Yes to both Did you sell any investments? and Did you get a 1099-B?
- On the Let us enter your 1099-B (import) screen, click I'll type it in myself.
- When you get to the Let's find out more about your sales screen:
- Check which box(es) apply to your transactions (A, B, C, etc.)
- Scroll down to the bottom and check the box I have many sales and would rather mail them in instead of typing them.
- Click Continue.
- On the following screen, enter the sum of the total proceeds and cost basis in the appropriate box(es).
- When finished, click Continue.
On the Here's what we've got for these sales summary screen,
edit or add more sales (if needed) until you've accounted for all your
transactions. Make sure you haven't duplicated transactions or accounts
before completing Step 2 below.
Step 2 - Mailing instructions for returns with Form 8949
.
